NEW YORK CITY — Meridian Capital Group has negotiated $87 million in permanent financing for an 11-property multifamily portfolio located throughout Manhattan and Brooklyn. The loan was made on behalf of H.I.G. Realty Partners and Stone Street Properties LLC. The two-year loan, which was provided by a national balance sheet lender, features a floating-rate, a competitive spread over 30-day LIBOR and interest-only payments for the full term. The 303-unit portfolio consists of 504 East 88th Street, 310 East 83rd Street, 325 East 83rd Street, 233 East 82nd Street, 319-321 East 78th Street, 410 East 64th Street, 234-238 East 33rd Street, 438-440 East 13th Street, 104 East 7th Street and 101 MacDougal Street in Manhattan and 354-356 State Street in Brooklyn. Drew Anderman and Alan Blank of Meridian’s New York City headquarters brokered the transaction.
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NEW YORK CITY — Q10 | New York Realty Advisors has closed a $27.3 million leasehold mortgage loan secured by an apartment building located at the corner of First Avenue and 52nd Street on Manhattan’s East Side. The 15-story residential building also features ground-floor retail space. The non-recourse, interest-only loan was written for a 10-year term. The ground lease on the property dates to the 1950s and has more than 40 years remaining on the term. Jeanne Cronin of Q10 | New York Realty Advisors brokered the financing. Law firm Hunton & Williams LLP represented the lender, while Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf LLP represented the borrower. Additionally, Larry Linksman of Bridge Funding advised the borrower.
KANSAS CITY — NorthMarq Capital has arranged the $201.5 million refinancing of a 10-property portfolio. The properties include a mix of multifamily, unanchored retail and suburban offices in the Kansas City and Dallas metro areas. The portfolio consists of 2,190 multifamily units, 53,143 square feet of office space and 23,027 square feet of retail space. Greg Duvall of NorthMarq Capital’s Kansas City office structured the 25-year loan with a 25-year amortization schedule. Duvall arranged the loan for the undisclosed borrower through NorthMarq’s correspondent relationship with Allianz Life Insurance Co. of North America.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $3.1 million sale of Sandanay and Stonehenge Apartments, two adjacent multifamily communities located at 13132 N. 19th St. and 13136 N. 20th St. in north Tampa. The sales price equates to approximately $30,500 per unit. The buyer is a South Florida-based investor that plans to implement capital improvements to both apartment communities, which were built between 1967 and 1970. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. Danny York of Franklin Street Capital Advisors structured acquisition debt for the buyer, and Franklin Street’s insurance division provided the insurance policy.
STAMFORD, CONN. — GHP Office Realty LLC has brokered the sale of a 65,000-square-foot office building located at 30 Buxton Farms Road in Stamford. MSIH LLC, a Connecticut-based home building company, purchased the Class A property for $13.5 million from GHP Buxton LLC. Located at Exit 35 of the Merritt Parkway/CT-15 and High Ridge Road, the building is 90 percent occupied by 14 tenants, ranging from medical offices to financial services. New Canaan, Conn.-based Hobbs Inc. plans to relocate its headquarters to the remaining vacant space at the building. Andrew Greenspan and James Houlihan of GHP Office Realty represented the seller, while Corey Gubner, Ted Grogan and Greg Romano of RHYS LLC represented the buyer in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the seller, and Kenneth Gammill Jr. of Gilbride, Tusa, Last and Spellane LLC served as legal counsel for the buyer in the transaction. GHP Office Realty is the office building division of Houlihan-Partners Realtors LLC.
CORPUS CHRISTI, TEXAS — MCR Development LLC has completed the renovation of the 105-room Courtyard Corpus Christi located at 5133 Flynn Parkway in Corpus Christi. The renovation included a redesign of the hotel’s guest rooms, lobby, bistro and public areas. The renovations are part of MCR’s strategy to drive RevPAR growth. The hotel is located near the Texas Route 358 traffic corridor and the Corpus Christi International Airport.
DENVER – The 312-unit LongsView Apartments development in the Denver submarket of Westminster has received a total of $64 million in debt and equity. The Class A development will be located on the southeast corner of Federal Parkway and Zuni Street. Cohen Financial secured a combination of $42 million in debt financing and about $22 million in equity investment for the development. The floating rate construction loan was secured by the firm’s Robert Lindner, John Carrick and Mark Strauss. The loan was placed with Fifth Third Bank. The team also secured the $22-million equity investment from a leading life insurance company. The borrower is a national multifamily owner/operator and developer.
INDIANAPOLIS — Mainstreet and Heritage Enterprises will open a 65,602-square-foot, 100-bed assisted living facility in Indianapolis. Evergreen Crossing & The Lofts is set to open Oct. 1. The $13.2 million facility, located at 5404 Georgetown Road, will provide transitional care (short-stay rehabilitation and therapy) services. The facility will feature a movie theatre, game room, walking trails, as well as restaurants and an on-site chef. Construction on the project began in September 2013. Indiana-based Mainstreet developed and owns the property. Illinois-based Heritage Enterprises will operate the facility. The development is the first project between Mainstreet and Heritage Enterprises.
DORAL, FLA. — Miller Construction Co. is building a $10.9 million, 218,000-square-foot complex at 8301-8303 N.W. 27th St. in Doral, a suburb of Miami. The industrial property, known as the Transal Logistic Center, will feature 30-foot clear heights, T5 lighting and a central 180-foot truck court. The property will be comprised of a 110,600-square-foot building A and a 107,400-square-foot building B, which will both wrap around the central truck court. The developer, KVRG Developers, is expected to deliver the property in the fourth quarter of this year. The project team includes architect RLC Architects and leasing agent Fairchild Partners.
NEW YORK CITY — Silvershore Properties has acquired two mixed-use buildings in Brooklyn totaling $3.07 million. In Boerum Hill, the company purchased the 3,500-square-foot 208 Hoyt Street building for $1.72 million. Additionally, Silvershore acquired 590 Bushwick Avenue, a 5,500-square-foot mixed-use building, for $1.35 million. Year to date, Silvershore has invested $60 million on more than 20 purchases throughout New York City.